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Can you summarize 7 TXAC Chapter 76, Subchapter C?
MISCELLANEOUS > HOLDING COMPANIES
Short Summary
This legal document governs the reorganization of a savings bank as a mutual holding company. It specifies the requirements and procedures for a savings bank to reorganize as a mutual holding company, including the submission of an application to the Commissioner, the proposed certificate of formation and bylaws for the subsidiary savings bank and mutual holding company, and the complete plan of reorganization. The Commissioner may conduct an examination of the applicant savings bank and approve the reorganization without a hearing if certain conditions are met. The document also allows a mutual holding company to establish a subsidiary holding company to hold 100% of the stock of its savings bank subsidiary, subject to the approval of the Commissioner. The certificate of formation and bylaws of the subsidiary holding company must be approved by the Commissioner and can only be amended with prior approval. The Commissioner at any time, on the Commissioner’s own motion or on application, may release a registered holding company from a registration made by the company if the Commissioner determines that the company no longer controls a savings bank. Each holding company must maintain books and records as may be prescribed by the Commissioner. The records must be created and maintained in accordance with the requirements of 76.1 of this title (relating to Books and Records), pertaining to savings banks. Each holding company and each subsidiary of a holding company is subject to examinations as the Commissioner may prescribe. The holding company must pay the cost of an examination. Each holding company and each subsidiary of a holding company, other than a savings bank, must file with the Commissioner reports required by the Commissioner. The reports must be made under oath and must be in the form and for the periods prescribed by the Commissioner. A holding company must register with the Commissioner on forms prescribed by the Commissioner within 90 days after the date of becoming a holding company. The forms must include information on the financial condition, ownership, operations, management, and intercompany relations of the holding company and its subsidiaries, and on related matters the Commissioner finds necessary and appropriate. On application, the Commissioner may extend the time within which a holding company is required to register and file the required information.
Whom does it apply to?
Savings banks seeking to reorganize as a mutual holding company
What does it govern?
Reorganization of a savings bank as a mutual holding company
What are exemptions?
No exemptions are mentioned in this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Texas